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Nicholas Putnam Involved in a Denied Investor Dispute

Feb 28, 2022 Selling Away

Nicholas Putnam (CRD #: 5642801), a broker and investment advisor registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is involved in an investor dispute according to his BrokerCheck record, accessed on February 16, 2022.

Investor Allegations

On October 14, 2021, a dispute was filed against Nicholas Putnam, alleging unsuitable investment recommendations, misrepresentation of an investment strategy, and solicitation of securities not authorized by Merrill Lynch, Pierce, Fenner & Smith Incorporated from February 2021 until December 2021.

The firm denied the case, but It is important to note that you can still pursue a FINRA arbitration and recover your losses following a denial.

Which FINRA Rules did Nicholas Putnam Allegedly Violate?

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor's profile. An investor's profile includes information about their risk tolerance, financial goals, and age. A broker must have exercised due diligence and have an adequate reason for believing that an investment will be suitable for the investor.

FINRA Rule 2020 

Misrepresentations and omissions deprive investors of the information they need to assess risks associated with a particular investment. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. 

FINRA Rule 3280

FINRA Rule 3280 prohibits brokers from “selling away,” a term that describes selling securities not approved by the firm.

Background Information

Nicholas Putnam has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 31 - Futures Managed Funds Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Nicholas Putnam is a registered broker in 17 states. He is also a registered investment adviser in four states.

Besides Merrill Lynch, Pierce, Fenner & Smith Incorporated, Nicholas Putnam has also worked with the following firms:

  • Wells Fargo Clearing Services (CRD#:19616)
  • Morgan Stanley (CRD#:149777)
  • Mutual Of Omaha Investor Services (CRD#:611)

Kurta Law Can Help

If you have worked with Nicholas Putnam and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.